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Third quarter results at Tyco Electronics 08-08-07

Tyco Electronics reported revenue of $3.4 billion for the fiscal third quarter ended June 2007 - an increase of 6.4 percent over the prior-year period. Organic revenue growth was 3.3 percent, primarily due to continued strength in the Undersea Telecommunications segment. Sales in the other three business segments were essentially flat in the quarter. The company reported an net loss of $1.37 billion, compared to operating income of $298 million in the prior-year period. Last year Tyco electronics was still a Tyco Division.

 

The operating loss included $891 million of costs related to the company's share of Tyco International's previously-disclosed securities class action litigation settlement and $50 million of separation-related costs. Restructuring costs were $28 million in the quarter, compared to $2 million in the prior-year period. Excluding these items, adjusted operating income was $461 million, compared to $461 million a year ago.

 
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